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RegFi Podcast
Data Sharing and the 1033 Rule: An Industry Perspective with Ramon Gomez
Mar 6, 2024
Ramon Gomez, Managing Director at JPMorgan Chase, discusses the implications of Section 1033 of the Dodd-Frank Act on consumer data sharing. Topics include screen scraping risks, CFPB oversight, FDX standards, and coordinated regulatory efforts to protect consumer data in the financial sector.
32:08
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Quick takeaways
- Section 1033 promotes open banking for competition and consumer benefits through secure APIs.
- Regulatory coordination is essential to balance consumer data access with security amidst evolving risks.
Deep dives
Origin and Policy Objectives of Section 1033 and the Evolution of Data Sharing Conventions
Section 1033 of the dot frag act, passed in 2010 after the financial crisis, mandates covered entities to provide consumers with transaction information electronically. The proposed rule expands to promote open banking, aiming for competition, lower costs, and better services. Screen scraping, criticized for privacy risks, contrasts with secure APIs that offer controlled data sharing. The Financial Data Exchange (FDX) standardizes access, benefiting over 65 million accounts.
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Discover
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